The price of natural gas has continued its bullish trend since the day before yesterday when it fell to the $6.00 price.
U.S. President Joe Biden stated on Wednesday that June inflation data displaying the highest inflation in the United States in the previous 40 years
Oil chart analysis
During the Asian trading session, the price of crude oil is still trying to consolidate after a significant pullback since the day before yesterday. She did not succeed in that, and we see a new drop in the oil price to the $93.40 level. The American president is in the Middle East and will have meetings with Arab leaders. Some calculations suggest that the US president could produce slightly more.
An official government report showed yesterday that crude oil stocks in the US rose by 3.25 million barrels, with gasoline stocks also rising. Crude oil is trading at $94.06 a barrel, down 2.35% since the opening of trading last night. To continue on the bearish side, we need further negative consolidation. Our next target is the $92.00 level and then the $90.00 psychological support zone. For a bullish option, we need a positive consolidation and hold above the $95.00 level. After that, we need a continuation towards the $98.00 level. If we were to break above, our next target would be the $100.00 level.
Natural gas chart analysis
The price of natural gas has continued its bullish trend since the day before yesterday when it fell to the $6.00 price. We are now at $6.72, representing a price increase of 2.48% since the start of trading last night. If this kind of consolidation continues, the price could rise to $6.80, and if we stay at that level, we could visit the $7.00 price. We need a new negative consolidation and a pullback below the $6.60 level for a bearish option. After that, we could see a further pullback towards the $6.40, $6.20, and $6.00 levels.
U.S. President Joe Biden stated on Wednesday that June inflation data displaying the highest inflation in the United States in the previous 40 years was outdated as gasoline prices fell in the past 30 days to below $0.40 a gallon, a record in mid-June.
The U.S. Bureau of Labor Statistics released consumer prices for June 2022 today, saying that over the past 12 months, the all-items index jumped 9.1% – the fastest consumer price increase since November 1981.
The energy index rose 7.5% over the month and accounted for nearly half of the increase in all items, with the gasoline index rising 11.2%, the Bureau of Labor Statistics said.
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